Traffic Management Market Growth Scenario with USD 77,346.44 Billion by 2028

The ownership of private vehicles is increasing proportionally among the urban population, thus increasing the burden on existing roadways, which is underlining the necessity of better traffic management systems to reduce congestion on existing road networks and offer a smoother transit for commuters. Furthermore, modern traffic management systems can assist authorities in reducing pollution, efficiently removing broken down vehicles, reducing queues at toll booths, and aiding drivers in efficient car parking, among others.

According to our latest market study on "Traffic Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component and Application," the market is expected to grow from US$ 39,756.74 million in 2022 to US$ 77,346.44 million by 2028; it is anticipated to grow at a CAGR of 11.7% from 2022 to 2028.

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Impact of COVID-19 Pandemic on Traffic Management Market Growth

The COVID-19 outbreak disrupted industry verticals such as automotive, manufacturing, energy & power, aerospace & defense, construction in 2020. The continuous growth in the number of COVID patients compelled government authorities in the US and other countries to impose stringent lockdowns in the first three quarters of 2020. This led to a significant decline in transportation across all countries. Implementing containment measures such as trade bans, travel restrictions, and workforce limitations impacted the manufacturing, supply, and sales activities of various businesses, including the companies providing traffic management hardware, software, and services. The manufacturing sector witnessed severe losses due to temporary factory shutdowns and low production volumes, which also hindered the production of traffic management hardware systems. In the US, the federal and state government focused more on tackling the pandemic; as a result, the installation of traffic management hardware and software was put on hold temporarily. The European traffic management industry was severely hit due to ~20% decrease in infrastructure project spending, resulting in delays and discontinuation of several smart cities and smart roadways projects. Higher semiconductor prices and disrupted supply chains further aggravated the situation. However, the traffic management market started experiencing positive growth in Q4 of 2020.

The APAC traffic management market is segmented into Australia, China, India, Japan, and South Korea. The region's economy is performing well due to numerous technological and infrastructural developments. Several government authorities in the region are taking smart city initiatives that are significantly contributing to the traffic management market growth. Thus, in addition to the rapid urbanization in developing countries in this region, increasing smart city projects are generating high demand for superior traffic management solutions to minimize congestions, which is likely to drive the traffic management market growth in APAC during the forecast period.

Strategic Insights:

Traffic management market players are mainly focused on the development of advanced and efficient products.

- In 2021, Dahua Technology announced the development of a comprehensive smart traffic management solution that was developed by combining video surveillance with AI, ANPR, image fusion, AR, and other cutting-edge technologies to meet the diverse needs of modern traffic enforcement departments.
- In 2021, Hikvision, an IoT solution provider specializing in cameras, unveiled the All-Rounder ITS camera, its newest traffic product meant to improve road safety and traffic flow. The camera combined a variety of talents and abilities, including speed detection, traffic violation detection, automated plate identification, and vehicle attribute analysis all in one package.

Most countries have witnessed drastic urbanization over the years, which has resulted in complex road networks and high congestion. The rising urban population, coupled with increasing ownership of private vehicles, increases the number of vehicles on road. The population in Mumbai, India, rose from 18.5 million in 2011 to 20.4 million in 2020, while the number of private vehicles nearly doubled during this period. Owing to such factors, and for remediating the same, traffic management market growth is estimated. Additionally, ride-hailing services from cab aggregators, such as Uber, Grab, Ola, and Lyft, have been increasing at a rapid pace. Such services have been substituting mass transit systems, leading to a surge in vehicles on the road. These factors are compelling government authorities to approach traffic management market players for effective solutions. Traffic congestion can be effectively reduced with a robust traffic management system, comprising software, sensors, cameras, and display boards. These systems can be installed on an existing road without the requirements of infrastructural modification. Similarly, a lane management system can effectively manage traffic flow by opening or closing lanes, depending on the traffic rate at each point in time. Considering the advantages offered by traffic management systems, the fast urbanization rate is expected to strongly boost the traffic management market size.

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This release was published on openPR.